Rivian said it has $17 billion in cash, the capacity to build 150,000 vehicle units and sees “incredible demand” for its EVs.
Rivian Automotive Inc. stock rose more than 8% in after-hours trading Wednesday after the electric-vehicle maker kept its 2022 production outlook intact and tried to assure investors about it was on the right track amid a recent selloff of its shares.
Rivian made 2,553 vehicles in the quarter and delivered 1,227, generating $95 million in revenue, the company said. The company has worked with suppliers so they can ramp their production and Rivian can meet its demand, Scaringe said. Suppliers have “leaned in,” and that was in part what gave the company the confidence to keep its production goals, the CEO said.“We remain focused on ramping production throughout 2022,” the company said in its letter to shareholders.
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